Bitcoin layer-2 developer Alex Labs has successfully recovered over $3.9 million worth of cryptocurrencies following an exploit on its BNB Smart Chain bridge.
The attack focused on the wallets of the bridge, which used the keys that were compromised in an earlier phishing attack. The team was able to freeze funds amounting to $3.7 million held across various centralized exchanges (CEXs), with additional funds still under the attacker’s control.
The squad has already recovered 17 tokens, which are aBTC, sUSDT, and Alexcoin. However, $9.6 million is still directly controlled by the attacker residing in the wallets. Alex Labs is giving a 10% reward for accomplishing the hacking task and will be filing a police report which will help in recovering the funds from the hacker.
They also propose to go for a treasury reserve grant program using the insurance company fund to support those who are sideways affected.
Due to the large amount of STX tokens involved in the exploit, Alex Labs is considering proposing a network upgrade to freeze remaining funds and mint new tokens for victims.
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